Sistema continues ties with India by signing new deals
Russian business major, Sistema, has decided to continue trade ties with India as its subsidiary Glonass signed new pacts in the field of satellite navigation.
Sistema has already inked an MoU with ONGC Videsh. Though Sistema has offered an opportunity in Bashkortostan in partnership with another subsidiary Bashneft, ONGC is interested in Sakhalin-III and Trebs and Titov oilfields in the Timan Pechora region.
Sistema is one of the companies whose licenses were cancelled by the Supreme Court in Feb 2012 after finding irregularities in the allocation of licenses. Sistema, with investment of $3.1 billion, has 56.68 per cent stake in Shyam Sistema Teleservices (SSTL). The company feels that it is unfairly penalized and seeks India to reconsider its case. The company has already invoked its right under the Bilateral Investment Treaty (BIT) between India and Russia — the right to go for international arbitration and seek damages from the Indian government.
Categories: Business, Economy & Banking